European gas storage falling fast, on course to end the heating season with only 10% left in storage

European gas storage falling fast, on course to end the heating season with only 10% left in storage

This heating season got underway with the least amount of gas in storage in a decade, and with levels already falling at an alarming rate Europe is on course to end the heating season with only 10% left. / bne IntelliNews

By bne IntelliNews December 10, 2021

Gas storage in Europe continues to fall at worrying rates, suggesting storage levels will drop to their lowest level in ten years of around 10% by the end of the heating in the last week of March.

Storage levels of gas peaked this year at a level of 77.5% on October 22 when European tanks held 864.8 TWh worth of gas, according to AGSI+ aggregated gas storage inventory – the lowest level in volume terms since 2013 and its lowest level in percentage terms for a decade.

With November already the coldest in five years Europe has already draw significant amounts of gas as the heating season gets under way and storage levels have fallen to 64% as of December 8 – the same level as of January 13, 2020.

Last year storage peaked on October 11, when the tanks were 95.8% full following a mild winter in 2019, so not only are gas storage depletion levels running about a month ahead of last year, but last year tanks held some 20% more gas.

In 2020 the storage bottomed out on March 24, with tanks holding 30% of their capacity. If this year follows the same trends as last year the heating season will end in the last week of March 2022 with tanks only 10% full – their lowest level in a decade.

DATE	GAS IN STORAGE (TWh)	% FULL
2021-10-20	864.8	77.5
2021-03-25	335.7	30.0
2020-10-11	1079.4	95.8
2020-03-31	609.0	54.2
2019-10-28	1095.0	97.9
2019-03-21	446.8	40.5
2018-10-25	958.9	87.0
2018-03-30	196.2	17.8
2017-10-29	975.8	89.0
2017-03-28	285.2	25.7
2016-10-09	1005.0	90.7
2016-04-01	373.0	34.9
2015-10-12	879.4	84.2
2015-04-09	275.4	27.0
2014-10-26	912.3	93.7
2014-03-28	438.5	47.3
2013-10-30	787.1	85.5
2013-04-12	207.1	24.7
2012-10-25	758.7	92.4
2012-04-01	351.9	43.2
2011-10-16	633.1	95.4
2011-03-25	273.2	43.9
source: AGSI+

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